Charted: A Breakdown of India’s Overseas Trade in 2023

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In 2023, India’s total overseas trade value (combining merchandise imports and exports) stood at slightly over $1 trillion, about one-third of the $3.7 trillion economy.

To put into perspective, this is the size of Netherland’s gross domestic product, the 18th biggest economy in the world.

But who are India’s biggest export and import partners?

This chart by creator Preyash Shah breaks down the key countries with whom India imported goods from, and exported merchandise to, in the 2023 fiscal year (FY). It does not cover the value of services trade.

There’s also a historical six-year trend of India’s total merchandise trade since FY17. Data for this graphic is sourced from the Indian Ministry of Commerce and Industry.

India’s Biggest Import Partners, By Country

China heads India’s sources of imports, with nearly $100 billion worth of goods imported in FY23. This is almost the same value as India’s next two biggest import partners combined: the UAE ($53 billion) and the U.S. ($50 billion).

Consumer electronics, computer hardware, and electrical machinery are some of India’s top imported goods from China.

Russia, ranked fourth ($46 billion), is the sole European representative in the top 10, a key supplier to India’s crude oil imports, which accounted for almost one-third of the country’s massive $716 billion import bill in FY23.

India’s Biggest Export Partners, By Country

India exported nearly $80 billion worth of merchandise in FY23 to the U.S., which is its largest overseas market by quite a margin.

In fact, Indian goods bound for the U.S. are about the same in value as exports to the next four biggest Indian overseas markets combined: the UAE, Netherlands, China, and Bangladesh.

For the U.S. though, this enormous amount is almost a footnote in their share of biggest import partners, accounting for less than 3% of its $3.9 trillion import bill.

The rest of India’s top 10 export destinations include two other Asian countries (Singapore, Indonesia), two from Europe (the UK, Germany) and one from the Middle East (Saudi Arabia).

Brazil, ranked 11th, is India’s sole South American export market in the top 30.

India manages a surplus in trade with four of its 10 biggest export markets, including the U.S.

But China—which tops India’s import sources and is fourth in export destinations—alone accounted for nearly one-third of India’s $268 billion trade deficit in FY23.

Six Years of India’s Trade Deficit

India’s trade deficit has only grown in the last six years, coming in at $268 billion in FY23.

With a large population, and not as quite big a manufacturing base, the country is reliant on overseas sources to meet its always growing demand. This, combined with its reliance on outside crude supply results in a gap that is never quite closed.

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